FCA confirms fees for advisers; will not reimburse 'overcharged' fees

The FCA dismissed claims from trade bodies the 15% of total annual funding allocated to the adviser fee block, A13, is too big a share and calls to split A13 to reflect 'retail' and 'wholesale' sales. It also fought back calls for a reimbursement of the fees it was deemed to have 'overcharged' advisers, saying the cut to fees "does not mean that some firms have been historically ‘overcharged' any more than others have been ‘undercharged'". In February, Treasury committee chairman Andrew Tyrie accused the regulator of overcharging the advice community and asked for a refund of fees at ...